Real estate industry

Trendsetting with tradition

Article Abstract:

Equitable Life Chief Surveyor Paul Connellan has increased the size of the firm's property portfolio by going into partnership with other companies. He is unwilling to commit himself over property investment in Europe. Connellan plans to increase the value of the property portfolio to around 2 billion pounds sterling during 1999, from its value of 1.6 billion pounds sterling, when he took over in Feb 1998. He looks for at least a 7% running yield on net income from his investments. He has also overseen an increase in the amount invested in retail property which he felt was insufficient.

Shop talk

Article Abstract:

Chartwell Land Managing Director Mark Creedy confirms the company has some 450 million pounds sterling worth of retail warehouses. But he anticipates returns from retail will be reduced. Chartwell had managed an average of 18% per annum as return on capital for shareholders. Creedy planned to launch Premier Retails Parks Partnership, an pooled investment fund, in 1996, but failed to come to fruition. Chartwell has two objectives, it finds new outlets for Kingfisher retailing concerns and manages 948 million pounds sterling worth of investment property.